GOLD → Gold continues to trade within the range

9 juin 2023

At the moment XAUUSD is not going to move out of the 1984-1939 sideways range, but at the same time the price is forming a bearish wedge, a pattern that might stop the price decline and start strengthening, but everything depends on the closing of the trading session.

There are no significant fundamental factors on Friday
There are also no local TA patterns to determine the price's exit from the range
We see a strong area of consolidation on the chart, as indicated by the density of volumes.
XAUUSD trades in the middle of the range and it is quite difficult to find an entrance here, so it is worth applying the basic rules of the strategy that allows trading from the range boundaries.
The price might soon test the support of MA-200 and MA-50 and react by rising to 1965 or 1984.



Strong support: 1954, 1939.
Strong resistance: 1965, 1984
I expect the price will continue to form a sideways range next week, but today it might show some strengthening after the SMA's retest.

Regards R.Linda!